Blog archives from 2012
Seattle Low Inventory
Tue, Mar 27, 2012
Seattle is suffering from low housing inventory and increasing buyer demand. Sellers are hesitating to list their homes because of misconceptions of the current market. Buyers are ready to buy, with historic low rates and pent-up demand.
While press releases are reporting still falling prices, homes in Seattle and desirable suburbs are seeing multiple offers and offers over asking price. Homes are selling in under one week. The falling prices reported are due in large part to foreclosures and short sales finally selling. If you remove those sales from pricing data sales prices are not falling.
Rental rates in Seattle are rising again. It is acutally less expensive to buy than rent in many neighborhoods. New rentals will be coming on the market next year but at this point it is really worth it to consider purchasing a home. I don't think homes in desirable, close-in Seattle neighborhoods will be this affordable ever again.
Seattle's job market is hiring and the economy is growing. Take advantage of these great prices and lending rates now. Consider listing your house now while the demand is high. Buyers, get a good agent who is on top of the market and knows your targeted neighborhoods. Good luck!